Orange County NC Website
urx v i vv r v i ;J� i v - vvv rZ�, I vv <br /> conditions of (a) the Loan Documents and ( b ) any Additional Bonds , as defined in <br /> and as may be executed and delivered pursuant to the Prior Agreement , <br /> 1 - 2 Present and .Future Advances . This Deed of Trust is executed to secure <br /> all the County' s present and future obligations to the Trustee related to the <br /> Mortgaged Property as described in and pursuant to the Modified Deed of Trust. The <br /> total amount, including present and future obligations , that may be secured by this <br /> Modified Deed of Trust at any one time is $ 200 , 000 , 000 , The period within which <br /> future obligations may be incurred is 30 years from June 1 , 2018 . <br /> 1 - 3 Existing Deed of Trust Otherwise Confirmed . Except as provided by <br /> this Supplement, the County ratifies, approves and confirms the terms of the <br /> Existing Deed of Trust. <br /> 14 County' s Obligation Limited , Notwithstanding any other provision <br /> of the Loan Documents , the parties intend that this transaction will comply with <br /> North Carolina General Statutes Section 160Aw20 . No deficiency judgment may be <br /> entered against the County in violation of Section 160A - 20 . <br /> No provision of this Supplement should be construed or interpreted as <br /> creating a pledge of the County' s faith and credit within the meaning of any <br /> constitutional debt limitation . No provision of this Supplement should be construed <br /> illegal delegation of governmental powers, nor as an improper <br /> or interpreted as an <br /> donation or lending of the County' s credit within the meaning of the North Carolina <br /> constitution . The County' s taxing power is not and may not be pledged, directly or <br /> indirectly contingently, to secure any moneys due under this Supplement. <br /> Nothing in this Section is intended to impair or prohibit foreclosure under the <br /> Modified Deed of Trust if the Obligations are not paid when due or otherwise upon <br /> the occurrence of an Event of Default under the Loan Documents . <br /> No provision of this Supplement restricts the County' s future issuance of any <br /> of its bonds or other obligations payable from any class or source of the County' s <br /> moneys ( except to the extent the Loan Documents restrict the incurrence of <br /> additional obligations secured by the Mortgaged Property) . <br /> To the extent of any conflict between this Section and any other provision of <br /> this Supplement, this Section takes priority. <br /> 6 <br />